Robert Young
About Robert L. Young
Independent Chair and Board Member of Nuveen Credit Strategies Income Fund (JQC); born 1963; joined the Nuveen Funds Board in 2017 and oversees 218 portfolios across the fund complex. Former Certified Public Accountant with more than 30 years in investment management; education includes a BBA in Accounting from the University of Dayton and service on its Board’s Investment Committee (2008–2011) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| J.P. Morgan Investment Management Inc. | Chief Operating Officer and Director | 2010–2016 | Led service, administration, business platform support for retail and institutional investment businesses . |
| J.P. Morgan Funds | President and Principal Executive Officer | 2013–2016 | Established board agendas, addressed regulatory matters, policies and procedures . |
| J.P. Morgan Funds | Senior Vice President and Chief Operating Officer | 2005–2010 | Operations leadership for mutual funds platform . |
| Deloitte & Touche LLP (formerly Touche Ross LLP) | Senior Manager (Audit) | 1985–1996 | Built and led midwestern mutual fund practice; CPA background . |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| University of Dayton | Investment Committee Member (Board of Trustees) | 2008–2011 | Finance/investment oversight experience . |
| Public company boards (past five years) | None | — | “Other Directorships… None” disclosed for Young . |
Board Governance
- Independence and leadership: Independent Co‑Chair (Jul 1–Dec 31, 2024) and current Independent Chair; nominee as Class I Board Member to 2028 annual meeting; service since 2017 .
- Committee memberships and chair roles:
- Executive Committee: Member; Co‑Chair rotation effective July 1, 2024 .
- Audit Committee: Member; designated “audit committee financial expert” .
- Investment Committee: Member (Independent Trustees) .
- Closed‑End Fund Committee: Member .
| JQC Meeting Counts (Fund-Level) | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Regular Board Meetings | 5 | 5 | 5 |
| Special Board Meetings | 11 | 7 | 8 |
| Executive Committee Meetings | 1 | 0 | 8 |
| Dividend Committee Meetings | 9 | 7 | 8 |
| Compliance/Risk Mgmt/Reg Oversight | 4 | 4 | 6 |
| Audit Committee Meetings | 4 | 14 | 14 |
| Nominating & Governance | 4 | 7 | 5 |
| Investment Committee Meetings | — (not listed in 2023 table) | 2 | 4 |
| Closed‑End Fund Committee Meetings | 4 | 4 | 4 |
- Attendance and engagement: Each Board Member attended at least 75% of Board and committee meetings during the last fiscal year; policy on annual meeting attendance posted at nuveen.com/fund-governance .
Fixed Compensation
| Component | FY 2023 | FY 2024 (effective Jan 1, 2024) | FY 2025 (effective Jan 1, 2025) |
|---|---|---|---|
| Annual retainer (Independent Board Member) | $210,000 | $350,000 | $350,000 |
| Chair/Co‑Chair of the Board | $140,000 | $140,000 | $150,000 |
| Audit Committee membership retainer | $0; per‑meeting $2,500 | $30,000 | $35,000 |
| Compliance/Risk Mgmt/Reg Oversight membership retainer | $0; per‑meeting $5,000 | $30,000 | $35,000 |
| Investment Committee membership retainer | $0; per‑meeting $2,500 | $20,000 | $30,000 |
| Dividend Committee membership retainer | $0; per‑meeting $1,250 | $20,000 | $25,000 |
| Nominating & Governance membership retainer | $0; per‑meeting $500 | $20,000 | $25,000 |
| Closed‑End Fund Committee membership retainer | $0; per‑meeting $2,500 | $20,000 | $25,000 |
| Committee chair stipends (Audit; Compliance) | $20,000 each | $30,000 each | $35,000 each |
| Committee chair stipends (Dividend; Investment; Nominating; Closed‑End) | $20,000 each | $20,000 each | $25,000 (Dividend/Nom/CEF), $30,000 (Investment) |
| Ad hoc Board/Committee meeting fees | Generally $1,000 or $500 (ad hoc rules) | $1,000 or $2,500 depending on length/immediacy | $1,000 or $2,500; special assignment committees: chair $1,250/qtr; members $5,000/qtr |
| Aggregate Compensation from Fund Complex (Young) | FY 2023 | FY 2024 |
|---|---|---|
| Total compensation from fund complex paid to Board Member | $416,325 | $510,647 |
The Funds do not have retirement or pension plans; certain Nuveen funds offer a Deferred Compensation Plan for Independent Board Members .
Performance Compensation
- No performance-based cash bonus, stock awards (RSUs/PSUs), or options are disclosed for Independent Board Members; compensation is structured as retainers/fees with optional deferred compensation elections tied to returns of selected Nuveen funds .
| Deferred Compensation Plan Features | FY 2023 | FY 2025 |
|---|---|---|
| Deferral mechanism | Credited to book reserve account; value tracks selected eligible Nuveen funds | Same structure |
| Distribution options | Lump sum or over five years | Lump sum or over 2–20 years |
| Plan liability | Participating Fund not liable for other funds’ obligations under plan | Same |
Other Directorships & Interlocks
| Category | Status |
|---|---|
| Current public company boards | None disclosed for past five years |
| Prior public company boards (past five years) | None disclosed |
| Shared directorships with competitors/suppliers/customers | Not disclosed in proxy excerpts reviewed |
Expertise & Qualifications
- Audit and financial expertise: Designated “audit committee financial expert”; former CPA and audit senior manager at Deloitte; extensive fund operations experience .
- Industry experience: 30+ years across investment management operations and governance, including COO and President roles at J.P. Morgan Investment Management/J.P. Morgan Funds .
- Education: Bachelor of Business Administration in Accounting from the University of Dayton .
- Board leadership: Independent Co‑Chair (H2 2024) and Independent Chair; agenda-setting, liaison with management, and governance oversight responsibilities .
Equity Ownership
| Item | FY 2024 | FY 2025 |
|---|---|---|
| Governance principle | Board Members expected to invest at least one year of compensation in Nuveen funds | Same |
| Individual beneficial ownership in each Fund | <1% of outstanding shares (as of Jan 19, 2024) | <1% of outstanding shares (as of Feb 18, 2025) |
| Board/Officers group beneficial ownership in each Fund | <1% (as of Jan 19, 2024) | <1% (as of Feb 18, 2025) |
| Detailed dollar ranges/shares | Provided in Appendix A (not excerpted here) |
Governance Assessment
- Strengths: Independent Chair with prior Independent Co‑Chair service; robust committee engagement (Executive, Audit, Investment, Closed‑End); designated audit committee financial expert—supports high-quality financial oversight and board effectiveness .
- Engagement signals: Elevated meeting cadence for JQC (e.g., 2025: 5 regular, 8 special, 14 audit, 8 executive), and “≥75%” attendance threshold met by all Board Members—supports active oversight of leverage, valuation, discounts and performance .
- Alignment: Formal expectation to invest at least one year of compensation in Nuveen funds, with individual and group beneficial ownership <1% of each fund—aligns incentives without concentration risk .
- Compensation structure changes: Shift from per‑meeting fees (2023) to larger fixed retainers and committee membership stipends (2024) with further increases (2025); increases in guaranteed compensation may reduce variability but can enhance predictability and recruitment for complex committee workloads .
- Conflicts and related-party: Proxy excerpts reviewed do not identify related-party transactions or external public company interlocks for Young—mitigates potential conflicts; continue monitoring future proxies and 8‑Ks for changes .
RED FLAGS
- None identified in reviewed proxy excerpts regarding hedging/pledging, tax gross-ups, or related-party transactions; continued surveillance warranted around compensation escalations and committee load sustainability .